Written by Gary
US stock market sell-off continues, bank shares lead slide (SPY -1.4%), Apple falls after Chinese court bans sale of most iPhones.
Here is the current market situation from CNN Money | |
North and South American markets are sharply lower today with shares in Brazil off the most. The Bovespa is down 2.04% while Mexico’s IPC is off 1.39% and U.S.’s S&P 500 is lower by 1.28%. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
Exclusive: Nissan, ex-chairman clash over Rio apartment filled with art, cash – filingA Rio de Janeiro apartment containing cash, art works and personal belongings of Carlos Ghosn has become the latest battleground between the indicted former Nissan Motor Co Ltd chairman and the automaker. | |
Stocks extend sell-off on growth and Brexit worriesA gauge of global equities stumbled on Monday, putting it on track for its fifth straight daily decline, as losses in Europe and Asia extended to Wall Street on new signs the U.S.-China trade spat was impacting world economic growth. | |
Avianca seeks to cut Airbus order as much as half: CEOAirline Avianca Holdings SA will begin negotiations with Airbus to reduce the 100 planes it had agreed to purchase in a 2015 deal to as few as 50, the chief executive of the Latin American company said. | |
Wall Street drops over 1 percent on growth fears, Brexit uncertaintyU.S. stocks deepened losses on Monday and the benchmark S&P 500 hit its lowest since April 4, with financial stocks leading the declines, as fears over global growth, the China-U.S. trade war and uncertainty over Brexit gripped investors. | |
Qualcomm wins preliminary China import ruling against some iPhone modelsChip supplier Qualcomm Inc on Monday said it had won a preliminary order from a Chinese court banning the importation and sale of several Apple Inc iPhone models in China due to patent violations, though Apple said its phones remain available in the country. | |
Ford in talks with German workers about Saarlouis job cutsFord said on Monday it had started negotiations with German worker representatives about potential job cuts at its Saarlouis plant following a decision to discontinue production of its Ford C-Max model. | |
Verizon says to shed 10,400 jobs by mid next yearVerizon Communications Inc said on Monday that about 10,400 employees will be leaving the U.S. wireless carrier by mid next year as part of the company’s voluntary separation program. | |
GoPro to move U.S.-bound camera production out of ChinaGoPro Inc on Monday took the first steps to move most of its U.S.-bound camera production out of China by the summer of 2019 to counter the potential impact from any new tariffs. | |
Huawei CFO bail hearing to resume in Canada as Beijing steps up pressureA top executive of Chinese tech giant Huawei Technologies is due back in a Canadian court on Monday where she will fight for her freedom with the help of pressure from Beijing against prosecutors’ claims she cannot be trusted. | |
Recession Odds Soar To 70% In Two Years, According To JPMorganA lot can change in less than two months: back on October 18, when the initial market drop seemed like just another dip-buying opportunity, JPM predicted that the odds of a recession in 1 year were a modest 27.6%, rising to 60% if the forecast period is extended to two years. Well not anymore, because according to JPM’s latest “real-time quant monitor”, the risk of a recession has since spiked to a no longer trivial 35%, the highest in series history (and up from 16% back in March)… … while the probability that the next presidential recession will take place during a recession (i.e., recession odds in two years) has now surged to more than double that, or over 70%. | |
Ken Rogoff: Bitcoin & Betting On DystopiaAuthored by Kenneth Rogoff via Project Syndicate, The right way to think about cryptocurrency coins is as lottery tickets that pay off in a dystopian future where they are used in rogue and failed states, or perhaps in countries where citizens have already lost all semblance of privacy. That means that cryptocurrencies are not entirely worthless. With the price of Bitcoin down 80% from its peak a year ago, and the larger cryptocurrency market in systemic collapse, has “peak crypto” already come and gone? Perhaps, but don’t expect to see true believers lining up to have their cryptocurrency tattoos removed just yet. At a recent conference I attended, the overwhelming sentiment was that market capitalization of cryptocurrencies is still set to explode over the next five years, rising to $5-10 trillion. For those who watched the price of Bitcoin go from $13 in December 2012 to roughly $4,000 today, this year … | |
Alleged Russian Honeypot Spy Changes Plea To GuiltyAccused Russian spy Maria Butina wants to change her plea to guilty according to a Monday filing with a DC Court. Butina, who was arrested in July and remains in custody, is accused of working with South Dakota Republican Paul Erickson as a Kremlin spy. Erickson, who has strong ties to both the National Rifle Association and the Russian gun rights community, allegedly attempted to develop a back-channel between the NRA and the Russian government. In May, 2016, Erickson sent an email to Trump campaign adviser Rick Dearborn and Jeff Sessions with the title “Kremlin connection,” seeking a meeting between then-candidate Trump and Russian President Vladimir Putin at an annual NRA convention. | |
Huawei CFO’s Lawyers Cite $12 Million Home, Cancer Complications As Conditions For BailSenior Communist Party officials let their frustration over the arrest and likely extradition of Huawei CFO Meng Wanzhou be known over the weekend during meetings with the American and Canadian ambassadors to Beijing where they threatened “severe consequences” if Meng isn’t released. But these threats haven’t blunted the Canadian government’s determination to prosecute Meng for fraud. And with the bail hearing for the executive and daughter of one of China’s most revered entrepreneurs set to begin a second day of proceedings on Monday, Bloomberg has published the most detailed report describing the defense presented by Meng’s lawyers. As government lawyers argue that Meng should be held in lieu of bail because she is a flight risk with no close ties to Canada, the executive’s legal team is insisting that detaining Meng would be inhumane, citing her recent history of health problems, and the two multimillion dollar Vancouver homes owned by her family. According to her lawyers, Meng suffers from hypertension and a sleep disorder related to a recent bout with thyroid cancer. She also struggles to eat solid food. She needs daily medication to cope with her health issues. The Canadian government has asserted that Meng would almost certainly slip back to China, which has no extradition treaty with the US, if released from her Canadian prison (and once back in China, Meng would have ample resources to evade capture).
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November 2018 Conference Board Employment Index Marginally DeclinedWritten by Steven Hansen The Conference Board’s Employment Trends Index – which forecasts employment for the next 6 months marginally declined with the author’s saying “slower economic activity, tighter labor markets and higher labor costs are likely to lead to weaker job growth in 2019”. | |
CryptoWatch: Cryptos or the S&P? A $1-million ‘Buffett Bet 2.0’ is brewing as Twitter feud eruptsIn one corner, NYU professor and serial doomsayer Nouriel Roubini. In the other, Morgan Creek Digital founder Anthony Pompliano. Where would you bet your money? | |
NewsWatch: Trump’s actions ‘beyond the stage’ of Clinton impeachment, senator saysFindings from Special Counsel Robert Mueller’s probe indicate that President Donald Trump’s actions have gone beyond what led to the impeachment of former President Bill Clinton, according to Sen. Chris Murphy. | |
Market Extra: U.K. is said to delay Brexit vote — what happens next?Brexit watchers got a surprise on Monday, as the government reportedly pulls a highly anticipated vote on the deal Prime Minister Theresa May’s Brexit deal with the European Union. While May reportedly seeks to reschedule the vote, investors ask, “what now?” |
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